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Market Report

Friday, 24-Feb-2012

NSE

  • The markets traded weak throughout the day and the Sensex closed below its psychologically important level of 18,000. Capital goods, realty, banking and oil & gas played important roles in pulling the markets down while metal, IT and tech provided support to the indices. The Sensex closed at 17924, down 155 points from its previous close, and the Nifty shut shop at 5429, down 54 points.

  • The top Nifty gainers today were Sterlite Industries, Tata Power, Coal India and Power Grid while the biggest losers included IDFC, DLF, Reliance Infra and HDFC Ltd.

  • The upsurge in the markets came to a halt this week with both benchmark indices closing with significant losses. Realty, banking and capital goods were the worst performers during the week. The Sensex was down 2% while the Nifty lost 2.5% during the week. The CNX Midcap index was down 4.5%, BSE Smallcap lost 3.7% and the Bank Nifty closed with 5% loss over the week.

  • The market is likely to remain rangebound until the Union Budget, says Manish Shah of Fortune Financial Services on Zee Business. Any move on either side would be seen only after the Budget, he adds. He expects the Nifty to go down to 5400.

  • In the new F&O series, there is not much upside expected and we could see the Nifty trade in the range of 5600 and 5300, says JK Jain of Karvy Stock Broking on CNBC Awaaz. Buy on declines to 5400-5350, he advises.

  • Though the medium-term and long-term charts are positive, in the short term we could see a decline of 2-3%, says Mitesh Thacker, technical analyst, on ET Now. He expects the Nifty to come down to 5350-5320.

  • The market continues to be in corrective mode but there is a need for some consolidation before the market moves up again, says Ashwani Gujral, technical analyst, on ET Now.

NIFTY 3-Month